January 25, Chicago - National Futures Association (NFA) has permanently barred from NFA membership Diligent Management LLC (Diligent Management), a Commodity Trading Advisor located in Las Vegas, Nevada. Scott L. Bryce, principal and associated person of Diligent Management, is also barred from NFA membership for a period of three years. In the event that he reapplies for NFA membership after the expiration of the bar, he must pay a fine of $30,000. The Decision, issued by an NFA Hearing Panel, is based on a NFA Complaint filed in October 2010 and a settlement offer submitted by Diligent Management and Bryce.

The Panel found that Diligent Management and Bryce provided NFA with false and misleading information and failed to cooperate promptly and fully with NFA in its investigation of the firm. As alleged in the Complaint, NFA had repeatedly asked Bryce to disclose all futures and forex accounts that had been traded by him or any company with which he was affiliated with. The Panel also found that Diligent Management used a deficient disclosure document which failed to disclose Bryce's full business background and information about Diligent Management's assets under management. The Complaint alleged that the firm's disclosure documents had misrepresented Bryce's trading performance by omitting information regarding his previous four years of trading which were extremely negative.